FTSE follows US markets down

Accounting concerns and declining telecoms, pharmaceutical and brewing stocks have led the FTSE 100 share index down 66 points this morning to 4,476, and worse could yet be on the way. The government is expected to release industrial output figures at 9.30AM showing that production increased by just 0.1% in May, well down on April's 1.1% increase. The figures have been widely leaked ahead of the official release, and most analysts are taking it as a sign that the UK economy is still finely balanced between modest growth and recession. Depending on what other economic indicat...